Bank Islam Malaysia Berhad has partnered with UK-based Islamic fintech Kestrl to roll out personal financial management tools for its newly launched digital bank Be U in Malaysia.
Digital banking app Be U aims to broaden financial inclusion in the country by allowing users to bank online without the need to visit branches. It is aimed at the country’s digital-first younger generation and its UI is designed to “help users quickly understand and manage their finances”.
Bank Islam group CEO Mohammed Muazzam Mohamed says the partnership with the “values-orientated” fintech Kestrl will allow both parties to leverage learnings in both Malaysian and UK markets.
Bank Islam is hoping to acquire 350,000 Be U users over the next year and the addition of personal financial management tools to its suite of financial services forms part of this growth strategy.
Founded in 2019, Kestrl is a wealthtech operating in the UK and across the Middle East built around Islamic beliefs. It applies machine learning and behavioural science to users’ transaction data to provide budgeting and automatic savings tools and personalised investment advice.
Bank Islam will incorporate Kestrl’s personal financial management tools into Be U by the end of the year.
Kestrl CEO Areeb Siddiqui adds the fintech will be developing new features for the Malaysian market alongside its personal financial management offering.
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